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Texas For-Profit Legal Service Contracts Bond

The Texas Department of Licensing and Regulation requires legal service contract companies to post surety bonds in varying amounts. Companies that generate $300,000 or less in annual gross revenue from legal service contract sales must post $50,000 bonds. Companies that generate between $300,001 and $750,000 in annual gross revenue must post $75,000 bonds. Companies that generate more than $750,000 in annual gross revenue must post $100,000 bonds.

These bonds are subject to underwriting, which means the cost is based on a soft review of the applicant’s credit report.

Bond Type Bond Amount Cost*
$50,000 For-Profit Legal Service Contracts Bond Generated $300,000 or less in annual gross revenue $50,000 Starts at $500 Apply Now
$75,000 For-Profit Legal Service Contracts Bond Generated between $300,001 to $750,000 in annual gross revenue $75,000 Starts at $750 Apply Now
$100,000 For-Profit Legal Service Contracts Bond Generated more than $750,000 in annual gross revenue $100,000 Starts at $1,000 Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

Why do I need this bond?

For-profit legal service contract bonds in Texas ensure that principals (legal service contract companies) perform all duties and obligations as stated in their contracts, and remain in compliance with Chapter 953 of the Texas Occupations Code and all other regulations authorized by the Texas Department of Licensing and Regulation. Violations against this specific bond include selling, offering to sell or issuing any legal service contract without giving the legal service contract holder a receipt and a copy of the contract. Other violations include not filing legal service contracts with the executive director before the contract is sold or issued.

The bond protects harmed parties from financial loss that occurs as a result of the principal’s unlawful and unethical business practices up to the full amount of the bond.

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What’s the fine print?

Texas for-profit legal service contracts bonds remain in full force and effect until canceled by the surety. The surety can cancel the bond by giving written notice of cancellation to the department at least 60 days prior to the effective cancellation date.

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A company is defined as the person who is contractually obligated to the legal service contract purchaser under terms of the contract and who enters into a contract with a contracting attorney to provide or obtain legal services for a contract holder.

Before your company can legally conduct business as a legal service contract company in Texas, you must be registered with the Department of Licensing and Regulation. Registrations remain valid for 1 year from the issuance date and must be renewed annually.

Applicants must submit the following materials to register:

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Additional Resources

Texas Department of Licensing and Regulation For-Profit Legal Service Contracts Frequently Asked Questions

Texas Department of Licensing and Regulation For-Profit Legal Service Contracts Administrative Rules

Texas Department of Licensing and Regulation For-Profit Legal Service Contracts Forms

Occupations Code Title 5. Regulation of Financial and Legal Services Subtitle B. Legal Services Chapter 953. Regulation of For-Profit Legal Service Contract Companies Subchapter A. General Provisions